Chris Arnold

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The director of the Consumer Financial Protection Bureau says the Trump administration's Education Department is getting in the way of efforts to police the student loan industry. The revelation, in a letter obtained by NPR, comes at the same time that lawsuits allege that widespread wrongdoing by student loan companies is costing some borrowers thousands of dollars.

Nearly 2,300 teachers have just had a mountain of student loan debt lifted off their backs, according to previously unreleased figures from the U.S. Department of Education. The move follows reporting by NPR that exposed a nightmare for public school teachers across the country.

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Updated at 9:47 a.m. ET Thursday

Jack Bogle, the founder of Vanguard who made investing and retirement affordable for millions, died Wednesday at the age of 89, the company said.

Bogle transformed the way people invest their money when he created the first index mutual fund for individual investors in 1975.

For public school teacher Kaitlyn McCollum, even simple acts like washing dishes or taking a shower can fill her with dread.

"It will just hit me like a ton of bricks," McCollum says. " 'Oh my God, I owe all of that money.' And it's, like, a knee-buckling moment of panic all over again."

She and her family recently moved to a much smaller, older house. One big reason for the downsizing: a $24,000 loan that McCollum has been unfairly saddled with because of a paperwork debacle at the U.S. Department of Education.

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Even in a strong economy, many Americans live paycheck to paycheck. Forty percent don't have $400 to cover an emergency expense, such as a car repair. And many working-class people turn to payday loans or other costly ways to borrow money. But more companies are stepping in to help their workers with a much cheaper way to get some emergency cash.

Startup companies that offer better options for workers are partnering with all kinds of businesses — from giants like Walmart to little fried chicken restaurants.

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The Trump administration is taking aim at a law designed to protect military service members from getting cheated by shady lending practices.

NPR has obtained documents that show the White House is proposing changes that critics say would leave service members vulnerable to getting ripped off when they buy cars. Separately, the administration is taking broader steps to roll back enforcement of the Military Lending Act.

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There's been a lot of good economic news lately, something that President Trump isn't shy about pointing out.

(SOUNDBITE OF ARCHIVED RECORDING)

The Federal Reserve on Wednesday held off on raising its key interest rate, which plays a role in loans to consumers and businesses.

The Fed is sticking to the script it has been forecasting to financial markets, but it's expected to raise rates twice more this year — on top of the increases it implemented in March and June.

Updated at 10:07 a.m. ET

The U.S. economy had a blockbuster second quarter, with growth surging to a 4.1 percent pace, the Commerce Department said Friday. That was nearly double the first quarter rate of 2.2 percent and the strongest pace in nearly four years.

President Trump has been steadfastly claiming that his policies will catapult the U.S. economy into a much higher rate of growth — 4 percent over the next few years.

To see what a trade fight can do to exports, all you need to do is look at pork.

American ham and other pork products now face massive tariffs — between 62 and 70 percent – after two rounds of retaliatory tariffs by China. It's led to almost a standstill in pork exports to China.

"In recent weeks, the U.S. Department of Agriculture has reported zero weekly export sales of pork to China," says Mary Lovely, an economist at Syracuse University. "So our exports to the country have pretty much collapsed."

Democrats on the powerful Senate Banking Committee said Kathy Kraninger is not qualified to be the director of the Consumer Financial Protection Bureau, the agency the White House has nominated her to run.

Republicans at her nomination hearing Thursday said her management experience at the White House Office of Management and Budget qualifies her for the job.

The economic tea leaves right now are getting hard to read. The latest measure of economic growth showed the economy expanded at a lackluster 2 percent rate in the first quarter.

Estimates for second-quarter growth are much higher, and that has the Trump administration claiming its policies are working. Still, despite that rosy forecast, more analysts are pointing to worrying signs that with the expansion at nearly nine years and counting, a recession could be looming.

A powerful banking regulator appointed by President Trump could face tough questions in a Senate hearing Thursday about his efforts to allow big banks to make small, high-interest, short-term loans to consumers.

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The Consumer Financial Protection Bureau continues to come under fire by the man running the watchdog agency — Mick Mulvaney, the interim director appointed by President Trump.

In his latest action, Mulvaney moved on Wednesday to effectively dismantle the agency's consumer advisory council. "It's quite clear that we've been fired," said Kathleen Engel, a law professor at Suffolk University and a member of the CFPB's Consumer Advisory Board.

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Updated at 10:26 a.m. ET

As the country has clawed its way back from the worst recession in generations, companies have been creating plenty of jobs. Employers added another 223,000 positions last month alone, the Labor Department said Friday. And the unemployment rate ticked down to 3.8 percent, the lowest since 2000, from April's 3.9 percent.

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Updated at 5:44 p.m. ET

The House voted Tuesday to ease rules for midsize and regional banks in what is considered the largest undoing to date of banking rules put in place in the wake of the financial crisis. The vote was 258-159.

The Senate has already approved the bill that would allow banks with up to $250 billion in assets to escape some of the toughest rules put in place by the Dodd-Frank Act in 2010 to shore up the banking system. President Trump could sign the bill as early as this week.

Updated at 1:05 p.m. ET

It's a financial nightmare for public school teachers across the country: Federal grants they received to work in low-income schools were converted to thousands of dollars in loans that they now must pay back.

Sen. Elizabeth Warren sent a letter to the Trump administration's top consumer protection official late Thursday asking him whether he is doing the bidding of the industries he is supposed to be policing.

The move was in response to remarks about lobbyists made earlier this week by the acting head of the Consumer Financial Protection Bureau, Mick Mulvaney.

Earlier this week, Mulvaney told a group of bankers and lobbyists that when he was a Republican congressman he would only talk to lobbyists who gave money to his election campaign.

When a consumer has a complaint about a bank, whether it's dealing with a mortgage or a credit card, right now there's a place to lodge that complaint online.

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ARI SHAPIRO, HOST:

An epic throw-down happened Thursday on Capitol Hill over the role of the federal government. The topic: the Consumer Financial Protection Bureau, the agency created in the wake of the 2007-08 financial crisis.

On one side was the Trump administration's acting director, Mick Mulvaney, who believes the bureau's powers are excessive and unchecked. On the other was Sen. Elizabeth Warren, D-Mass., who led the creation of the bureau to protect consumers from abuses by everything from big banks to student loan providers to fly-by-night loan sharks.

Updated at 4:27 p.m. ET

Fear and uncertainty over a growing trade dispute with China continued to weigh on investors Wednesday, with markets opening sharply lower before recovering by early afternoon.

The major U.S. indexes — the Dow, S&P 500 and Nasdaq — all fell more than 1 percent in morning trading but rebounded to close higher. The Dow Jones industrial average finished the day up 231 points, or 1 percent, and the S&P 5oo closed up 1.1 percent.

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